Bad Credit Loans in Quebec: Personal Loans & Cash Advance Apps

If you have bad credit, it can be more challenging to borrow money. However, it’s possible to get approved by an alternative lender that specializes in loans for bad credit. Alternative lenders in Quebec have much easier eligibility requirements than banks and credit unions. Just be prepared to encounter steep rates, since lenders view borrowers with bad credit as more likely to default and offset that risk with higher rates.

Compare loans in this guide to find the right option for your situation.

Compare personal loans for bad credit

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Finder Score	APR Range	Loan Amount	Loan Term	Broker Compliance	Key Features
Promoted Finder score 8.5 Great Spring Financial Installment Loan	Finder score 8.5 Great	9.99% - 34.95%	$300 - $35,000	6 - 84 months	Key features: Same-day funding, fast application	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.8 Great LoanConnect Installment Loan	Finder score 8.8 Great	8.99% - 35.00%	$500 - $2,500	3 - 6 months	Note: LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.	Key features: Loan search platform, pre-approval in 5 minutes	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.6 Great Loans Canada Installment Loan	Finder score 8.6 Great	8.99% - 35.00%	$500 - $50,000	4 - 60 months	Note: Loans Canada is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.	Key features: Loan search platform, largest lender network	Go to site More info Compare product selection Compare	loading

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How we picked these

Finder Score for personal loans

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

Compare cash advance apps for bad credit

3 of 3 results

Finder Score	Costs	Loan Amount	Loan Term	Rebate	Key Features
Finder score 8.7 Great KOHO Cover	Finder score 8.7 Great	0% + monthly fee from $2	$20 - $250	Flexible	Key features: Instant, no credit check or income required	Go to siteMore info Compare product selection Compare	loading
Finder score 8.8 Great Bree Early Pay	Finder score 8.8 Great	0%	$20 - $500	Next pay cycle	Key features: Instant e-transfers, 24/7, no credit check	Go to siteMore info Compare product selection Compare	loading
Finder score 9.3 Excellent Nyble Credit Line	Finder score 9.3 Excellent	0%	$30 - $250	31 days, extendable	Use code CFIND1J to get 500 extra points and a $5 higher approval. T&Cs apply.	Key features: Instant e-transfers, 24/7, no credit check	Go to siteMore info Compare product selection Compare	loading

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Finder Score for cash advance apps

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

What are the features of bad credit personal loans?

Bad credit installment loans in Quebec typically have the following features:

• Loan amounts. Borrow $500–$10,000.
• Loan terms. Repay in 3 - 60 months.
• Interest rates. Pay 18%–35% APR. However, you could also be charged a broker fee, which can be in the hundreds.
• How fast you can get it. You can apply online within minutes and receive the money within 24 to 48 hours.
• Eligibility requirements. You need a recurring income. Lenders strongly prefer full-time employment income, especially if you have bad credit, though some may be open to other types of income.

Borrowers in Quebec have access to many short-term installment loans

Short-term installment loans are readily available in Quebec, and you can get one with bad credit because they usually don’t require credit checks. You can borrow between $300 – $1,000 and pay it back in installments over 3 - 12 months.

These loans serve as payday loan alternatives in Quebec, but if you want to apply for one, watch out for the following:

• Broker, surety or admin fee. This is a fee in the hundreds that will be added to your repayments.
• Make sure the lender is legitimate. Check that the lender is registered and follows Quebec regulations.

Are there payday loans in Quebec?

There aren’t really any payday loans in Quebec because the government has capped the APR at 35%, making them unprofitable in the province. Instead, short-term installment loans have been designed to replace payday loans and target the same market. Many lenders advertise maximum APRs of around 18% to 20%, but what they’re less upfront about are the fees. These loans typically come with broker or surety fees in the hundreds, which can significantly increase the cost of borrowing.

Your second option: Cash advance apps

Cash advance apps are a lot newer than personal loans, having launched in Canada around 2021. They’re small, no credit check loans of up to $500, and you can often repay them anytime, whenever you have the money.

These apps don’t charge any interest, and some, such as Nyble and Bree, also don’t charge mandatory fees. Compare cash advance apps in Quebec.

Pros and cons of bad credit loans

Pros

• Designed for bad credit. Bad credit loans are specifically designed for borrowers who have a credit score below 600 (and can’t qualify for traditional loans).
• Quick cash. It’s possible to get the money on the same day, or sometimes even within minutes, to cover emergency expenses.
• Online application. Apply from the comfort of your home. Many lenders have websites or apps with convenient applications.
• Can build your credit score. Some lenders of bad credit loans report payments to the credit bureaus, which helps boost your credit score.

Cons

• Smaller amounts. If your credit score is low, the amount you’re eligible to receive will usually be smaller.
• High interest rates. You’ll pay much more in interest for bad credit loans, so make sure it’s an option you can afford.

How do I apply?

If you’ve decided that a bad credit loan is the right fit for you, then follow these simple steps to apply.

1. Compare lenders. The best way to find the right loan for you is to compare three to four lenders in the table above. Look for the best interest rates and terms for your situation.
2. Fill out your application. Most places will ask you to provide your personal and banking info through an online or in-person application.
3. Apply for loans selectively. You should apply for one loan at a time since your credit score will go down every time a lender checks your credit.
4. Verify your identity. You’ll need to prove your identity by providing a government-issued piece of ID like your Quebec driver’s licence or passport.
5. Show proof of income. You’ll have to submit pay stubs, tax returns or bank statements to show that you have enough money to make repayments.

Personal loan calculator

Explore your potential monthly payments on personal loans for bad credit in Quebec with this calculator.

• How to use this calculator

  1. Enter the amount you plan to borrow under Loan amount.
  2. Write the loan term in years (not months) under Loan terms.
  3. Enter the loan’s interest rate if there are no fees under Interest rate. Otherwise, write the annual percentage rate (APR), which includes interest and fees.
  4. Hit Calculate.
  5. Review your results.

Other options available for people struggling with bad credit

• Get a cosigner. If a friend or family member with a better credit score is willing to cosign your loan, it could increase your chances of approval. However, keep in mind that if you default, they’ll be responsible for making the payments.
• Government subsidies. You should look into government subsidies like social or child assistance payments sponsored by the government of Quebec.
• Credit counselling services. If your credit score is really low and you feel like you’re drowning in debt, consider visiting a credit counselling service that can help you tackle your bad credit so you can get back on your feet.
• Borrowing from friends or family. You may need to swallow your pride and ask your family or friends for support. It’s possible that they can also help you by cosigning a loan so that you get better interest rates or a larger amount.

What is considered bad credit in Quebec?

In Canada, including Quebec, credit scores range from 300 to 900. A score between 300 and 559 is considered bad credit, though some lenders may increase the threshold to 600.

Bad credit loans in Quebec come with higher interest rates and fees. That’s why it’s important to carefully compare your options before agreeing to any loan.

How to improve your credit score

Got some time? Consider taking steps to improve your credit score before you apply to qualify for lower rates, higher amounts and an all-around better deal:

• Check your credit report for mistakes that could be negatively affecting your credit, and contact the creditor if you see anything off.
• Stay on top of your bills and reach out to your creditors if you think you might be late on a payment. The most important factor in your credit score is your history of on-time repayments.
• Paying off debts can increase your credit score and make it easier to qualify for a loan when you apply. Focus on paying off higher-interest debts to save the most on interest.
• Keep your credit cards open even after you pay off your credit card debt. The more access to unused credit you have, the lower your credit utilization ratio — which also plays into your credit score.

Frequently asked questions

• What do I do if my loan application was turned down?

  You can start by looking for a cosigner for your loan or by trying to put up an asset (like your house or vehicle) to cover repayments. If that doesn't work, it might be time to work with a credit counselling agency to help rebuild your credit.

• How much can I borrow with a bad credit loan in Quebec?

  This will depend on your income, credit score and the maximum amount available from your lender. Most bad credit loans will be for smaller amounts, under $10,000 or even $5,000, because the risk is higher for lenders.

• Where can I find out my credit score?

  Applying for your credit score online is easy. Just go to the Equifax or TransUnion websites to make your application online, and you'll receive your credit score in the mail in a couple of weeks. You can also pay to access your score online in a matter of minutes.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher at Finder with more than 12 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Leanne's expertise

Leanne has written 175 Finder guides across topics including:

• Personal Loans
• Car Loans
• Business Loans
• International Money Transfers
• Make Money Online

Co-written by

Claire Horwood

Associate editor

Claire Horwood was a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee. See full bio

Claire's expertise

Claire has written 360 Finder guides across topics including:

• Banking
• Personal Loans
• Car Loans
• Business Loans
• Credit Cards